BitBoy Host Ben Armstrong has Raised Over $150K in Crypto Donations to Sue His Parent Company

September 24, 4:44 pm

Last week, news broke that Ben Armstrong, host of one of the industry's most successful crypto trading shows, BitBoy Crypto, is no longer a part of the brand. BJ Investment Holdings, the parent company of Hit Network, explained it removed the controversial influencer from the brand due to issues surrounding substance abuse and financial damage he has done to the employees of the Bitboy Crypto community. However, this is only the start of the story, as Ben Armstong asked his fans for donations to raise funds for his legal defense.

According to data presented by AltIndex.com, the crypto influencer has raised more than $150K in crypto donations to sue his parent company.

Armstrong Received over $62K on his Ethereum Wallet and $91K on his Bitcoin address, Despite Fraud Scandals and Backlash from the Crypto Community

HitNetwork, the media company Armstrong created in 2018, has cut ties with its public face after dozens of scandals. The crypto influencer used the BitBoy Crypto brand, with a reach of more than 3.3 million people, to insult high-profile figures, including European Central Bank President Christine Lagarde and US Securities and Exchange Commission Chair Gary Gensler.

BitBoy's videos contained much sensationalist content, and he faced accusations of promoting scams and misleading his viewers. Last year, Armstrong filed a suit against YouTuber Erling Mengshoel Jr., also known as "Atozy," who accused him of scamming, but dropped the case after Atozy raised more than $200,000 for his defense. Like that wasn`t enough, HitNetwork accused him of misusing corporate cash by taking out loans with NFTs owned by the company and moving funds without authorization.

Immediately after being kicked off BitBoy Crypto, Armstrong filed for an emergency injunction against Hit Network CEO TJ Shedd and CFO Timothy Shedd Sr. Armstrong, but the Georgia court refused his plea. Still, some of Crypto Boy's fans decided to help him with his legal defense.

According to EtherScan.io and Blockchain.com data, in just three days after asking his fans to send him their money for legal funds, Ben Armstong raised more than $150,000. The crypto influencer received more than $62,000 on his Ethereum wallet from 117 addresses and another $91,000 through more than 50 transactions on his Bitcoin address. Most of the funds were withdrawn from the accounts on Saturday.

The Aftermath of the BitBoy Crypto Scandal

While the two sides prepare for the legal battle, removing its public face from the BitBoy Crypto brand has already damaged the HitNetwork. The company has reportedly lost roughly $1 million in income after firing Armstrong, while the BitBoy YouTube channel lost more than 20,000 subscribers. According to SocialBlade data, the weekly video views on the channel also plunged, falling from roughly 750,000 in the last week of August to around 230,000 in the third week of September.

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